EUR/USD has been trading downwards as we expected. The price tested the level of 1.1210. Our short position on EUR/USD from yesterday is progressing good and we expect more downside.
According to the H4 time-frame, we found the successful breakout of the bearish flag pattern, which is sign of the professional re-selling. Key support is seen at the price of 1.1183 and you should watch to at least scale half of the position there. In case the EUR/USD breaks the level of 1.1183, watch for potential test of 1.1065 (Fibonacci expansion 100%).
Our recommendation: We are bearish from 1.1230 with targets at 1.1183 and 1.1065. Protective stop is palced at 1.1280.The material has been provided by InstaForex Company - www.instaforex.com